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This paper examines the relationship between macroeconomic stabilization and market-oriented reform in planned economies. It emphasizes that market-oriented reform should enhance the likelihood that adjustment to exogenous disturbances will involve genuine adjustment in the sense of actually eliminating or at least reducing both internal and external imbalances. Market-oriented reform should also increase the ability of the authorities to carry out stabilization policies relying on indirect rather than direct instruments. The paper argues that the sustainability of such reform may critically depend on the pursuit of policies that contain inflationary pressures, but that the environment for adoption of such policies will depend in turn on the appropriate sequencing of reform measures.
Economic reform, structural adjustment, macroeconomic stabilization, and participation in the world economy are interconnected aspects of the same issue: the long-term economic viability of centrally planned economies in the rapidly changing economic environment of the modern world. Any economic strategy that focuses on only one or two of these aspects at the expense of the others is likely to fail; yet even strategies that build on all of these bases may well fail unless political leaders can muster exceptional skill, garner international support, and enjoy some good luck. The contributions to this volume reflect the recent research on this issue by various specialists on the economies of the Soviet Union and Eastern Europe. Each author emphasizes macroeconomic stabilization, structural adjustment, participation in the larger world economy, or ecomonic reform.
The macroeconomic consequences of adopting different price rules for adjusting controlled prices in systems where controlled and market prices coexist and the implications of varying the proportions of controlled and market prices.
This volume focuses on the important issues raised by the recent economic reforms of the centrally planned economies of China, South-East Asia, Eastern Europe and the Soviet Union. Participation in the international trade regime and how this may be affected by the economic reforms; implications of the reforms for economic relations with developing countries and development assistance performance; participation in international monetary and financial regimes and how this may be affected by economic reform; and the impact of economic reform on regional integration schemes are all analysed in depth.
This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.
This paper develops simple models, reviews empirical evidence, and discusses policy issues relevant for socialist economies undergoing a process of economic reform.
Number 95/1 in the Economics Division Working Papers Development Issues. This paper establishes a link between macroeconomic performance indicators and the reform of state-owned enterprises in formerly centrally planned economies. Consideration is given to the formerly centrally planned economies in Europe and China. Includes a glossary, bibliography and a list of recent publications by the Economics Division, Research School of Pacific and Asian Studies, the Australian National University. Frances Perkins is director of the East Asia Analytical Unit, Department of Foreign Affairs and Trade. Martin Raiser is with the Kiel Institute of World Economics at Kiel University.